HG Ventures, the venture capital arm of industrial holding company The Heritage Group, invested C$10m to lead a C$30m ($21.1m) round for Canada-based additive manufacturing technology developer Equispheres on Wednesday.
Canadian government-owned entities Sustainable Development Technology Canada (SDTC) and BDC also participated in the round along with undisclosed additional investors.
SDTC had provided C$8m in grant funding for Equispheres in January this year that made up its contribution to the latest round, while BDC provided C$5m in subordinated financing that had initially been pledged in February 2019.
Equispheres is utilising material science technology to develop mono-sized metal powders that can be used in the production of high-performance metal parts.
The company intends to put the funding into research and development, strengthening its manufacturing capabilities and boosting headcount.
Kevin Nicholds, Equispheres’ president and chief executive, said: “We are extremely excited to have HG Ventures as a partner.
“Their extraordinary combination of research capability and venture capital experience made them an ideal partner to understand both the technical and market potential of our product across the transportation industry.
“We are also grateful to have the support of the Canadian government, enabling us to leverage investor financing to achieve our objective of providing a high-quality product at volume levels the marketplace demands.”
